Ken Timsit, managing director of Cronos Labs, believes that France is emerging as a leading hub of Web3 development. With Paris recently hosting the sixth annual EthCC, the first since the introduction of the Markets in Crypto Assets (MiCA) regulation, this year’s event feels especially significant. President Macron’s efforts to make France a fertile ground for Web3 enterprise, collaborative regulators, a massive talent pool and healthy capital flows are all working in tandem to solidify the country’s position as a leading hub of Web3 development.
While other countries have tightened rules around digital assets (with some even banning crypto), President Macron has embraced the sector, said Timsit. Macron’s 2030 plan has committed €30 billion to create the next “high-tech champions of the future” and Web3 is “an opportunity not to be missed.” Tax cuts on crypto profits and a simplified registration process with financial watchdogs have been beneficial policies passed by Macron.
The Autorité des Marchés Financiers (AMF), France’s top financial overseer, welcomed the introduction of MiCA, citing increased competitiveness and investor protection as obvious benefits. The AMF is considering a fast-track system that would get registered firms approved under the new rules.
France’s dynamic community and rich pool of talent, as well as its favorable funding environment, are all contributing to its growing dominance in Web3. From Paris Blockchain week to NFT Paris and the recently concluded EthCC, France is home to many community-wide and industry-leading events. The country has also emerged as one of the top countries attracting blockchain talent, ranking sixth in the world for most blockchain developers per country.
Timsit believes that France’s readiness to welcome, introduce, and adapt to ever-evolving regulatory frameworks presents them as an attractive option and is already being noted by industry players. Going forward, we can expect to see the continual dynamism and adaptability that will embolden France as an irreplaceable pillar of a booming European crypto ecosystem.